SOMERSET, N.J., Jan. 13, 2009 (GLOBE NEWSWIRE) -- inVentiv Health, Inc. (Nasdaq:VTIV), a leading provider of commercialization services to the global pharmaceutical and healthcare industries, recently signed a lease on new office space for its Somerset, NJ headquarters. The company will move from its current location at 200 Cottontail Lane to 500 Atrium Drive in July 2009.
More than 500 inVentiv employees will occupy the four-story office building in Atrium Corporate Park. As part of the move, inVentiv will consolidate four of its existing office locations including:
* Two office buildings on Cottontail Lane in Somerset, which primarily house employees from inVentiv Health, inVentiv Commercial, inVentiv Patient Outcomes and inVentiv Clinical; * The offices of The Franklin Group, which are in Somerville, NJ; and * The offices of Strategyx, also located in Somerville, NJ.
inVentiv will occupy 154,035 square feet of the new building, which is slightly greater than the space in the existing locations. The new space will accommodate the company's plans for continued growth, as well as support more efficient operations. Rent expenses will not be materially higher as the cost per square foot is on par with the current space.
"The move to a new headquarters is very consistent with our overall business strategy," said Terrell Herring, President and COO of inVentiv Health. "By consolidating four offices into one building, we will create efficiencies that will result in long-term savings. In addition, bringing Strategyx and The Franklin Group under the same roof as our other New Jersey-based businesses will support our ability to work collaboratively and deliver integrated solutions to our clients."
inVentiv employs more than 7,000 people worldwide and has offices across the globe. In addition to being the headquarters, Somerset, NJ is the company's largest location.
Cushman & Wakefield represented inVentiv in the lease and Jones Lang LaSalle represented Atrium Corporate Park owner LaSalle Investment Management.
About inVentiv Health
inVentiv Health, Inc. (Nasdaq:VTIV) is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 350 leading pharmaceutical, biotech, life sciences and healthcare payor companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.